Kevin Warsh, the nominee to lead the Federal Reserve, has filed a 69-page financial disclosure that provides insight into his personal investments, including those in the crypto space. The document reveals that Warsh, through various venture funds, holds stakes in over a dozen blockchain and digital asset companies, spanning DeFi lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payments infrastructure. Warsh has pledged to divest the majority of these holdings.
The disclosure is significant, as Warsh will oversee stablecoin regulation, bank crypto custody policy, and any future central bank digital currency decisions. The size of his crypto holdings was previously unclear, but the filing shows that he has been personally invested across the crypto ecosystem. The holdings are concentrated in two fund structures: DCM Investments 10 LLC and a series of funds labeled AVF I, AVF II, AVF III, and AVGF I and II.
Warsh's crypto and blockchain-related holdings include DeFi and trading protocols, Layer 1 and Layer 2 networks, Bitcoin-specific investments, and crypto investment and financial infrastructure. He has also invested in Web3, NFTs, and crypto-adjacent companies. The majority of these positions are small venture bets, worth less than $1,000 each.
However, Warsh holds over $100 million in Juggernaut Fund LP, whose underlying assets are not disclosed, and dozens of positions in THSDFS LLC, some valued at $1–$5 million individually. These holdings will require full divestiture. The divestiture of these stakes raises questions about potential conflicts of interest and how they will be unwound. Even after selling, Warsh will face a complicated recusal landscape, with federal ethics rules requiring a one-year cooling-off period for matters directly affecting recent financial interests.
The Fed's regulatory and monetary policy decisions will likely be impacted by Warsh's crypto holdings, and his broader financial profile underscores his connections to the industry. Warsh earned significant consulting fees from prominent macro investors and collected honoraria from firms with digital asset trading operations. His speaking fee circuit in the first half of 2025 totaled over $780,000 from various firms. Combined with his spouse's estimated $1.9 billion net worth, Warsh would be among the wealthiest Fed chairs in modern history.
The Senate Banking Committee is expected to hold a confirmation hearing next week, where Warsh's crypto holdings will likely be a topic of discussion. The crypto industry is watching closely, as a Fed chair with personal venture exposure to DeFi and blockchain infrastructure may have more nuanced views on the technology, but the mandatory divestiture and recusal obligations could constrain his ability to act on those sympathies.